Bitcoin (BTC) Price Today: Hovering Near $108,750 as Market Tests the Waters for Next Leg Up

After tagging a local top near $110,800 earlier this week, the Bitcoin price today is hovering near $108,750, reflecting mild intraday pressure.

After tagging a local top near $110,800 earlier this week, the Bitcoin price today is reflecting mild intraday pressure as it hovers around the $108,750 mark. While the broader uptrend remains intact, the recent pullback has brought short-term caution into focus.

As key indicators flash mixed signals, traders are closely watching the $108K–$110K zone for clarity on Bitcoin’s next leg.

What’s Happening With Bitcoin’s Price?

On the 4-hour chart, Bitcoin recently broke down from a rising wedge pattern and is now testing the lower boundary of a symmetrical triangle structure, with support near $108,000 and resistance capped around $110,600. This compression follows an aggressive rally from May 20, during which the Bitcoin price spiked nearly 12% in five days. However, the failure to hold above the wedge top and the subsequent rejection at $110.5K suggests that the bulls are facing exhaustion in the short term.

Meanwhile, the daily chart shows that Bitcoin is still trading above the ascending trendline formed in early April. The broader Bitcoin price update indicates a bullish structure overall, but losing $108K on high volume could confirm a short-term shift toward $105,500–$103,800 support. Price remains above all key EMAs, with the 20 and 50 EMA levels currently converging around $108,900 and $107,900 respectively, providing initial cushions.

RSI, MACD and Volatility Signal Reversal Risk

The Relative Strength Index (RSI) on the 30-minute chart is currently below 45, down from its overbought levels above 70 just days ago. This shows a steady decline in buying momentum. On the 4-hour RSI, readings have dropped back toward 43.3, suggesting a move into neutral-bearish territory.

Likewise, MACD on the 30-minute chart shows a weakening histogram and a bearish crossover forming below the signal line, which supports the current stalling narrative. The Bitcoin price volatility has also compressed on lower timeframes, with Bollinger Bands narrowing sharply—usually a prelude to a high-volume move.

Stoch RSI is curling downward from the overbought region, while the Chande Momentum Oscillator (ChandeMO) reads around 29, indicating that short-term upside momentum is losing strength. Overall, momentum indicators are hinting at a possible local top and cooling phase unless bulls reclaim $110K with strength.